By Cristal Cody
Tupelo, Miss., July 9 – New York Life Global Funding priced $900 million of three-year senior secured notes (Aaa/AA+/AAA) in two tranches on Tuesday, according to a market source.
The company sold $400 million of floating-rate notes due July 12, 2022 at Libor plus 43 basis points.
A $500 million tranche of 2.25% three-year fixed-rate notes priced at a spread of Treasuries plus 45 bps.
Barclays, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were the bookrunners.
New York Life Global is a unit of New York-based mutual insurance company New York Life Insurance Co.
| Issuer: | New York Life Global Funding
|
| Amount: | $900 million
|
| Description: | Senior secured notes
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
|
| Trade date: | July 9
|
| Ratings: | Moody’s: Aaa
|
| S&P: AA+
|
| Fitch: AAA
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Three-year floaters
|
| Amount: | $400 million
|
| Description: | Senior secured floating-rate notes
|
| Maturity: | July 12, 2022
|
| Coupon: | Libor plus 43 bps
|
|
|
| Three-year notes
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| Amount: | $500 million
|
| Description: | Senior secured fixed-rate notes
|
| Maturity: | July 12, 2022
|
| Coupon: | 2.25%
|
| Spread: | Treasuries plus 45 bps
|
|
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